Can financial institutions require employees to work overtime?

You love your job in the financial industry, but just recently your employer has been requiring that you work overtime. Maybe you’re a single mom, or a busy dad with kids, and you barely get enough quality family time as it is.
Do you have to work overtime, or can you just say no? The answer is yes to both. But if you do say no, your employer could fire you. Can my employer do that? Most employees are used to the standard 40-hour work week, but this is not necessarily the case in all situations. You may find yourself in employment positions where you have to work more than 40 hours, which may potentially entitle you to overtime pay. The Fair Labor Standards Act (FLSA), which covers hours-worked and overtime issues on a federal basis, determines whether or not employers would have to pay you for hours worked in excess of 40 hours. Each state also has its own labor laws that apply to overtime. Am I entitled to overtime pay? Yes, if you are an hourly employee, and not a salaried (also known as exempt) employee. This can be an issue in the finance industry, because employers often incorrectly categorize employees as exempt, when they are really an hourly employee. What employees are considered hourly in the finance industry? There are a number of job positions that should be categorized as hourly, but often are not. These include: Residential loan appraisers Loan officers Loan processors Underwriters If you fall into one of these categories, your employer cannot require you to work overtime without paying you the overtime rate of at least time and a half. Do weekends and holidays count as overtime? Although some companies may pay time and a half if you work on weekends or holidays, it is not required by law, and varies by state. What if you work over 8 hours a day – is that considered overtime? It depends. In many cases, the answer is probably no, but several factors will need to be analyzed to determine if overtime applies in your specific case. Does your employer have the right to prevent you from working overtime hours? Yes. Your employer can limit your work week to 40 hours, in order to avoid paying you overtime wages. You may find it surprising that your employer can require you to work overtime, but it is permissible as long as you are appropriately compensated. If, however, your employer requires you to work overtime without appropriate overtime pay, you may be able to take legal action.
Source: New feed